Wow, It's Friday Already -- Wow, That Was A Fast Week -- September 11, 2020

Oregon fires: threatening Portland, OR, metropolitan area. Link here. 

OPEC basket, link here. If it goes down today, I will be shocked. So let's look. Together. Yesterday the slide continued to, to $39.82. Today, the OPEC basket has stabilized: $39.83.

WTI: only four dimes from going under $37. Trending toward $20-oil, something that GS probably predicted a year ago. About the same they also forecast $100-oil. 

House of Saud: facing an existential crisis.

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Back to the Bakken

Drone program funding: this is a great story. City of Williston okays funding for drone program at TrainND. Link here. These Norwegians are smart cookies.

Active rigs:

$37.14	9/11/2020	09/11/2019	09/11/2018	09/11/2017	09/11/2016
Active Rigs	12	64	66	56	37

Wells coming off the confidential list -- 

Friday, September 11, 2020:

• 37210, drl/NC, WPX, Spotted Wolf 7-6HUL, Eagle Nest;
  
• 36952, drl/NC, WPX, Spotted Wolf 7-6HD, Eagle Nest,
  
• 36843, drl/A,  Hess, TI-State-158-95-3635H-6, Tioga, t--; cum 62K over 3.5 months;
  
• 36839, drl/NC, XTO, Muller 31X-12EXH, Alkali Creek,
  
• 36838, loc/NC,  XTO, HBU Muller 31X-12A, Hofflund,
  
• 36759, SI/A,  Whiting, Janet Adele 14-12XH, Sanish, t--; cum 75K over over four months;
  
• 36314, drl/NC, BR, State Dodge 1C TFH, Dimmick Lake, 

RBN Energy: why Gulf of Mexico crude production isn't always steady as she goes.

The offshore Gulf of Mexico is often viewed as the rock-steady player in U.S. crude oil production. Unlike price-trigger-happy shale producers that quickly ratchet their activity up or down, depending on what WTI is selling for that month or quarter, producers in the Gulf base their big, upfront investments in new platforms or subsea tiebacks on very long-term oil-price expectations. Also, unlike shale wells, whose production peaks early then trails off, wells in the GOM typically maintain high levels of production for years and years. But don’t think for a minute that production in the Gulf can’t spike down, if there’s a good reason. GOM output dropped by 300 Mb/d, or 16%, from March to April as producers shut down wells in response to sharply lower oil prices, and a couple of weeks ago more than 80% of GOM wells were taken offline in anticipation of Hurricane Laura. Today, we look at offshore oil production ups and downs in a wild and woolly year and what’s ahead for the GOM.